OPEC production tops 29.89 bpd

OPEC continued to ramp up production, with the group’s total output rising to almost 29.89 million barrels a day – up 440,000 b/d on the month.

Saudi Arabia, making good on its pledge to increase supplies, contributed to the bulk of the March increase, with Iran, Libya, United Arab Emirates, Venezuela, Iraq and Algeria also pumping more crude as they took advantage of high oil prices.

Output by Saudi Arabia, the Organization of Petroleum Exporting Countries’ largest producer, was 9.4 million b/d in March – an increase of 150,000 b/d compared with February, the survey found.

RZ.com